Lagos-based insurtech startup Curacel has raised $450 000 in a pre-seed funding round led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.
“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.
At Curacel, we are uniquely positioned to safeguard livelihoods and increase the quality of life through our unique, market-leading products and services”.
According to reports issued by the insurtech, the funding will be used towards the expansion of the startup’s footprint across Africa and to further its aim of becoming the continent’s premier provider of embedded finance technology for insurance.
In addition, the funding will be used towards product development.
IK Kanu, Partner at Atlantica Ventures comments on their investment into the innovative insurtech.
“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.”
Founded in 2017, Curacel has created an AI-powered platform for claims processing and fraud management in Africa.
The startup’s overall social impact aim is to establish insurance inclusion in Africa. Curacel’s innovative claims platform functions as a bridge between primary care hospitals and Africa’s insurance companies.
By using advanced artificial intelligence, the platform ensures that insurance companies only pay out claims for the correct treatment, appropriate medication, and recommended patient therapies.
The platform was created to address the problem surrounding fraudulent and abusive claims made against insurance companies.
The startup has demonstrated a strong foothold in the insurtech space as it has worked with some of the biggest insurers in Africa such as Liberty Health, Old Mutual, and more. Curacel plans to expand its service offering into 10 additional African countries by the end of this year.
The insurtech startup plans to launch a new product titled Curacel Capital, a cash advance product that enables healthcare providers easy and quick access to working capital to assist during financially challenging periods.
According to the insurtech, delayed payments from patients and other inefficiencies often lead to unbalanced books and not being able to provide suitable healthcare to patients.
Curacel Capital allows healthcare providers to access lump sums of up to three times their average monthly billings through the Curacel portal.
This provides afloat for healthcare providers to continue to deliver essential services without any disruption.